Lucid Group Up 7%; ‘Air’ Sedan Wins Award

Shares of electric vehicles manufacturer Lucid Group Inc. (LCID) are up 7 percent on Tuesday’s trading on news of the automaker’s “Air” sedan winning the MotorTrend’s Car of the Year 2022 award.

The company also said that as there was high demand for the award-winning Lucid Air sedan, it is confident of achieving the target of 20,000 units in 2022.

Currently at $47.65, the stock has traded between $9.67 and $64.86 during the past 52 weeks.

TownSquare Slips 7%, Downtick Continues

New York-based advertising company TownSquare Media, Inc (TSQ) is trading 7% lower in the Tuesday market despite no stock specific report from the company to affect the shares.

The shares have been volatile for the last 6 months. Late last month, the stock started a 2-week climb which ended on November 11. Since then, the stock has continued to decline.

Currently the stock is trading at $13.07, down $1.02 or 7.24%, since the last close at $14.09. The stock opened at $13.95 in the morning and in the 52-week period, the shares have ranged between $5.45 and $15.33.

European Economics Preview: UK Unemployment Data Due

Unemployment from the UK and revised GDP data from euro area are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is forecast to fall to 4.4 percent in three months to September.

In the meantime, GDP data is due from Romania.

At 2.45 am ET, the French statistical office Insee releases final consumer prices for October. According to flash estimate, inflation rose to 2.6 percent from 2.2 percent in September.

At 3.00 am ET, GDP data from Slovakia and Hungary are due. Also, producer prices are due from the Czech Republic.

At 4.00 am ET, Italy’s Istat is scheduled to issue final consumer prices for October. The flash estimate showed an annual consumer price inflation of 2.9 percent versus 2.5 percent in September.

At 5.00 am ET, Eurostat is set to release revised GDP data for the third quarter. The statistical office is expected to confirm 2.2 percent sequential growth.

At 8.00 am ET, Hungary’s central bank announces its interest rate decision. Economists expect the bank to hike its key rate to 2.10 percent from 1.80 percent.

I thought I wasn't going to make it': Brothers file suit after Astroworld

New York (CNN Business)Nike has postponed the release of its latest sneaker collaboration with Travis Scott following the Astroworld concert tragedy that left 10 people dead.

“Out of respect for everyone impacted by the tragic events at the Astroworld Festival, we are postponing the launch of the Air Max 1 x Cactus Jack,” Nike said on its website Monday.
The sneaker, officially known as the ‘Nike x Travis Scott Air Max 270 ‘Cactus Trails,'” has several designs. The latest was meant to be released in December and a rescheduled release date was not announced.

The death toll from the chaotic concert in Houston rose to 10 following the death of a 9-year-old boy Sunday from injuries sustained at the festival.

Earlier this month, hundreds of concertgoers were crushed, trampled and struggled to breathe as the packed crowd surged toward an outdoor stage when rapper and headliner Scott started performing.

A slew of lawsuits have been filed against Scott, the festival organizer and others by the families of the deceased and injured. A coalition of Houston lawyers announced last week they represent more than 200 victims who attended the festival and have filed more than 90 lawsuits in Harris County Civil Court against promoter Live Nation and others involved in the fatal event.

U.S. Homebuilder Confidence Unexpectedly Continues To Improve In November

Reflecting low existing inventories and strong buyer demand, the National Association of Home Builders released a report on Tuesday unexpectedly showing a continued improvement in U.S. homebuilder confidence in the month of November.

The report showed the NAHB/Wells Fargo Housing Market Index rose for the third straight month, climbing to 83 in November from 80 in October. The increase surprised economists, who had expected the index to come in unchanged.

“The solid market for home building continued in November despite ongoing supply-side challenges,” said NAHB Chairman Chuck Fowke.

He added, “Lack of resale inventory combined with strong consumer demand continues to boost single-family home building.”

The unexpected increase by the headline index came as the index gauging current sales conditions rose to 89 in November from 86 in October.

The gauge charting traffic of prospective buyers also climbed to 68 in November from 65 in October, while the component measuring sales expectations in the next six months held steady at 84.

On Wednesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of October.

Housing starts are expected to jump by 1.6 percent to an annual rate of 1.580 million, while building permits are expected to spike by 3.2 percent to an annual rate of 1.640 million.

Porch Group Rises 10% On Narrower Q3 Loss, FY21 Outlook Lift

Shares of software services company Porch Group Inc. (PRCH) are climbing 10 percent on Tuesday’s trading as the company posted narrower loss in the third quarter, helped by higher revenues. The company also raised its full year revenue guidance.

The company posted net loss of $5.1 million or $0.08 per share in the third quarter, lower than net loss of $8.9 million or $0.25 per share in the same period last year.

Quarterly revenues soared 192 percent to $62.8 million from $21.5 million last year, helped by higher software sales and growth in sales of key services like insurance and closed acquisitions.

On average, seven analysts polled by Thomson Reuters expected the company to post a loss of $0.14 per share on revenues of $57.3 million for the third quarter.

Looking ahead, the company raised its full-year 2021 revenue outlook to $195 million, from the earlier forecast of $187.5 million, while analysts are looking for revenues of $189.1 million.

Currently at $26.79, the stock has traded between $10.05 and $27.50 during the past 52 weeks.